Okta, which provides on-demand identity and access management for enterprises, raised the proposed deal size for its upcoming IPO on Wednesday.
The San Francisco, CA-based company now plans to raise $176 million by offering 11 million shares at a price range of $15 to $17. The company had previously filed to offer 11 million shares at a range of $13 to $15. At the midpoint of the revised range, Okta will raise 14% more in proceeds than previously anticipated.
Okta was founded in 2009 And booked $160 million in sales for the 12 months ended January 31, 2017. It plans to list on the Nasdaq under the symbol OKTA. Goldman Sachs, J.P. Morgan and Allen & Company are the joint bookrunners on the deal. It is expected to price during the week of April 3, 2017.
